I don't know at all. But I thought that the section that they were on that they probably owned it.
The fraternities are definitely in the UGA-owns-the-land boat, but in my mind's eye the sorority houses on Lumpkin are much farther away form the North Campus section the university wants to build on, and other non- UGA buildings are interspersed with them. (For example, the Catholic Center is right there, along with some apartments). It would surprise me if UGA did own the land that the D Phi E house was on.
http://www.uga.edu/panhellenic/chapters.html
But it would make sense if UGA bought it to basically give to one of the fraternities they are kicking out, except that D Phi E would have to know how hard that would make it to recolonize later. And if the chapter was there since the 30s, it seems strange that they'd decide that fast.
Any D Phi Es from UGA know?